We have a five-wave decline in SP500 from its new all-time high (Chart 1 red), with the potential to morph into a seven-eave drop (Chart 1, blue). Today's decline retests various recent breakout zones (Chart 2) and introduces yet another potential wedge (Chart 2 blue).
Chart 3 shows how these fit into the larger pattern.
ES retesting its breakout area. See charts.